The GBP/USD pair is currently showing sideways movement in the daily chart, because the pair is trying to stay below the resistance level of 1.4820. Now, the GBP/USD pair is likely to try to fall towards the support zone around 1.4820. Bears continue to dominate the overall trend in this pair, so it would be better to wait for bearish formations in lower time frames.
Now, the pair is looking for dynamic resistance at 200 SMA on the H1 chart, where it performed a pullback towards the support level of 1.4774. We remain with the idea of a bearish breakout in that area, for a fall towards the level of 1.4721. This bias could change when the GBP/USD consolidates above the 200 SMA.
Daily chart's resistance levels: 1.4820 / 1.4948
Dailychart's support levels: 1.4649 / 1.4505
H1 chart's resistance levels: 1.4842 / 1.4921
H1 chart's support levels: 1.4774 / 1.4721
Trading recommendations for today: Based on the H1 chart, place short (sell) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4774, take profit is at 1.4721, and stop loss is at 1.4825.
The material has been provided by InstaForex Company - www.instaforex.com
